Swiss Re Affirmed

The “AAA” counterparty credit and insurer FSR on Swiss Reinsurance Co. (SRZ) and related core subsidiaries were affirmed by S&P, which also revised the outlook on all core company ratings from negative to stable. In addition, an “A-1+” short-term counterparty credit rating was assigned to SRZ, the parent company of the Swiss Re Group (Swiss Re). Cited as major rating factors were Swiss Re’s leading market positions in the global life and nonlife reinsurance sectors; superior management team; extremely strong capital position; and superior financial flexibility. These positive factors were partially offset by Swiss Re’s recent nonlife underwriting results. S&P also took separate rating actions on several U.S. subsidiaries of Swiss Re.

In a later rating action, “A+” counterparty credit and senior notes ratings were assigned to Swiss Re America Holding Corp. (SRAH) by S&P. The rating action was based on SRAH’s status as a core holding company of SRZ and came subsequent to SRAH’s assumption of the abilities and debt obligations of Underwriters Re Group Inc. The outlook is stable.

Concurrently, the rating on Underwriters Re Group Inc.’s senior notes was removed from CreditWatch and raised to “AA+.” In addition, the group’s “A-” counterparty credit and senior debt ratings were withdrawn.